I've always deemed UK residents to be luckier than the rest when it comes to budget traveling. Budget airlines seem to be servicing the UK route to [insert any destination here] first before they start offering the same service in other countries. Heck, even all-business class airlines (note: plural!) have singled out the UK for trips to the US, as well.
And well, you've all seen the news. UK is, once again, one of the destination chosen by the first low fare, long-haul passenger airline that goes from Europe to Asia. Yes, Oasis Hong Kong Airlines is planning to service Germany and Italy but that would only be after the London-Gatwick launch.
So, dear UK residents, you have absolutely NO excuse not to indulge your wanderlust. So, do read Wandalust ;-) for more ideas on where else you can go and what you can do.